X.E.L.: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
X.E.L.
Largest movements
- Receivables within one year -€13,137
no longer reported in 2025 (was €13,137)
- Cash -€7,622
down €7,622 (-28.0%), from €27,216 to €19,594
mainly Net result for the year (-€29,233) and Total equity and liabilities (-€25,878)
- Tangible fixed assets -€4,951
down €4,951 (-70.5%), from €7,025 to €2,074
of which Plant, machinery and equipment: -€4,507
- Total equity and liabilities -€25,878
down €25,878 (-54.4%), from €47,546 to €21,668
- Gross operating margin -€43,302
down €43,302 (-27.6%), from €156,737 to €113,435
- Other operating charges -€16,038
down €16,038 (-94.6%), from €16,948 to €910
- Financial charges -€4,342
down €4,342 (-60.0%), from €7,243 to €2,900
- Staff costs +€2,220
up €2,220 (+1.7%), from €131,687 to €133,907
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,546 | €21,668 | -€25,878 | -54.4% |
| Fixed assets | 21/28 | €7,025 | €2,074 | -€4,951 | -70.5% |
| Tangible fixed assets | 22/27 | €7,025 | €2,074 | -€4,951 | -70.5% |
| Plant, machinery and equipment | 23 | €6,555 | €2,048 | -€4,507 | -68.8% |
| Furniture and vehicles | 24 | €470 | €27 | -€443 | -94.3% |
| Current assets | 29/58 | €40,521 | €19,594 | -€20,927 | -51.6% |
| Amounts receivable within one year | 40/41 | €13,137 | - | -€13,137 | |
| Other amounts receivable | 41 | €13,137 | - | -€13,137 | |
| Cash at bank and in hand | 54/58 | €27,216 | €19,594 | -€7,622 | -28.0% |
| Deferred charges and accrued income | 490/1 | €168 | - | -€168 | |
| Total equity and liabilities | 10/49 | €47,546 | €21,668 | -€25,878 | -54.4% |
| Equity | 10/15 | -€145,066 | -€155,645 | -€10,579 | -7.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,566 | -€157,145 | -€10,579 | -7.2% |
| Amounts payable | 17/49 | €179,476 | €177,313 | -€2,162 | -1.2% |
| Amounts payable within one year | 42/48 | €179,476 | €177,313 | -€2,162 | -1.2% |
| Trade debts | 44 | €56,675 | €62,035 | +€5,360 | +9.5% |
| Suppliers | 440/4 | €56,675 | €62,035 | +€5,360 | +9.5% |
| Taxes, remuneration and social security | 45 | €117,283 | €105,518 | -€11,765 | -10.0% |
| Taxes | 450/3 | €41,839 | €42,419 | +€580 | +1.4% |
| Remuneration and social security | 454/9 | €75,444 | €63,100 | -€12,345 | -16.4% |
| Other amounts payable | 47/48 | €5,517 | €9,760 | +€4,243 | +76.9% |
| Remuneration, social security and pensions | 62 | €131,687 | €133,907 | +€2,220 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,951 | €4,951 | +€0 | 0.0% |
| Other operating charges | 640/8 | €16,948 | €910 | -€16,038 | -94.6% |
| Gross operating margin | 9900 | €156,737 | €113,435 | -€43,302 | -27.6% |
| Operating profit (loss) | 9901 | €21,805 | -€26,333 | -€48,138 | |
| Financial income | 75/76B | €2 | €1 | -€2 | -75.0% |
| Recurring financial income | 75 | €2 | €1 | -€2 | -75.0% |
| Financial charges | 65/66B | €7,243 | €2,900 | -€4,342 | -60.0% |
| Recurring financial charges | 65 | €7,243 | €2,900 | -€4,342 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €14,564 | -€29,233 | -€43,797 | |
| Profit (loss) for the period | 9904 | €14,564 | -€29,233 | -€43,797 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,564 | -€29,233 | -€43,797 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.